SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

Meeting was held with citizens joined the self-employment programme in Gabala More than 800 business entities and potential entrepreneurs have attended the business trainings Entrepreneurs engaged in production are invited to the training of the SMB Model Enterprise “Unibroad” educational platform among the best startups around the world The Azerbaijani startup produced the “Sculptor” device The startup to represent our country unveiled at "AIM Congress" Meeting was held with Samukh entrepreneurs, with the SMB friend office goes operational More than 99 thousand services provided to entrepreneurs at the SMB houses in Q1 of current year A survey is conducted among foreign trade participants Awareness-raising event organized by the Electronic Security Service at KOBİA

Opportunities to simplify and improve financial accounting and reporting of SMBs have been discussed 16.09.21

The absolute majority of taxpayers whose reports revealed inconsistencies relate to micro and small businesses. The analysis performed as part of the SMBDA collaboration with the State Tax Service shows that taxpayers, especially micro and small entrepreneurs in the areas of trade and services, do not keep records of income and expenses according to the legislation and incorrectly draw up declarations and other documents, which leads to the assessment of taxes in a desk manner thus causing dissatisfaction of taxpayers. This shows that this category of entrepreneurs does not have the required level of knowledge and skills in the relevant field.

The chairman of the Board of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov stated this in his speech at the international scientific-practical conference dedicated to the 25th anniversary of the Chamber of Auditors of the Republic of Azerbaijan. It was noted that this is because SMBs in Azerbaijan do not have the opportunity to involve professional accountants and auditors in reporting and prepare it independently. In such cases, entrepreneurs should be supported, and the financial accounting and tax reporting forms should be simplified.

The SMB development centers that are part of the SMBDA structure, operating in various cities and regions of the country, regularly provide training and consulting services on tax administration, as well as preparing financial, non-financial, and tax reporting, and accounting rules. Over the past period of 2021, the SMB development centers have arranged about 40 pieces of training, attended by about 800 entrepreneurs, as well as those wishing to start their businesses.

He also stated that SMBDA and the State Tax Service launched a joint project to eliminate shortcomings in tax administration, tax reporting by micro and small businesses, and other relevant areas. Under the project, entrepreneurs will be classified according to areas of activity, where shortcomings occur, and involved in training in the SMB development centers. The Agency is also ready to cooperate with relevant bodies in performing coordinated work to develop proposals for further simplifying financial accounting and reporting for SMBs.